Meta Materials announces $6.0M registered direct offering

Meta Materials announced that it has entered into definitive agreements with certain institutional investors for the issuance and sale in a registered direct offering of 75.0 million shares of common stock at an offering price of $0.08 per share and accompanying warrants to purchase 75.0 million shares of common stock at an exercise price of $0.095 per share, exercisable six months after the issuance date and expiring five and a half years after the issuance date. Gross proceeds to the Company are expected to be $6.0 million, before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds from the offering for the expansion of its technology commercialization and sales efforts, specifically in bank note and brand authentication, NPORE(R) and NCORE(TM) for Li-ion battery applications and VLEPSIS(R) systems for wide area motion imagery, as well as for general corporate purposes. The closing of the offering is expected to occur on or about December 6, 2023, subject to the satisfaction of customary closing conditions. A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.